Toyota reports record profit amid pandemic, keeps forecasts

Toyota is reporting a record 897.8 billion yen, or $8.2 billion, profit for the fiscal first quarter, underlining the Japanese automaker’s resilience even amid the coronavirus pandemic

TOKYO -- Toyota reported Wednesday a record 897.8 billion yen ($8.2 billion) profit for the fiscal first quarter, underlining the Japanese automaker’s resilience even amid the coronavirus pandemic. Toyota Motor Corp.’s April-June profit zoomed more than five-fold from 158.8 billion yen the same period a year earlier. Quarterly sales soared 73% from the previous year to 7.94 trillion yen ($73 billion), also a record for the maker of the Prius hybrid and Lexus luxury models. Worries remained, such as the ongoing shortage of semiconductors and the rising costs of materials, according to Toyota.